Double the average

"Government cannot do this on its own- I am a passionate believer in public-private sector partnership in a small economy like the Isle of Man" he continued.

The average house price on the Isle of Man is over £270,000, nearly double the average in the North West of England, and beyond the reach of many first-time buyers.

To help combat the problem, Tynwald has approved an extra £2.8m to fund the House Purchase Assistance Scheme, which involves building affordable housing and offering grants and loans to first- time buyers.

But Allan Bell believes with average Manx rentals at about £1,000 a month, more needs to be done to avert a crisis.

"We have also got to look at the wider market, including private rentals which need assistance- we don't give them any help at all at the moment".